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Investment Objective/Strategy - The First Trust Dorsey Wright DALI 1 ETF seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an index called the Nasdaq DorseyWright DALI 1 Index (the "Index"). Under normal conditions, the Fund will invest at least 90% of its net assets (including investment borrowings) in the equity securities that comprise the Index.
There can be no assurance that the Fund's investment objectives will be achieved.
- The Nasdaq Dorsey Wright DALI 1 Index is designed to provide exposure to the asset class that Dorsey, Wright & Associates (DWA) believes may outperform using their Dynamic Asset Level Investing (DALI) process.
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To construct the index, DWA evaluates four broad asset classes: Domestic Equity, International Equity, Fixed Income and Commodities.
- A roster of investments is established to provide diversified exposure to each asset class and a relative strength calculation is compiled for each member of the roster versus every other member.
- After all individual calculations are computed, the number of times a component exhibited stronger relative strength compared to the components of the other asset classes are added together to get a composite strength score for the entire asset class.
- The asset class with the highest relative strength score is selected for inclusion in the index and the fund's assets will be allocated among certain ETFs that provide exposure to the asset class, as follows:
- Domestic Equity Securities – 65% Dorsey Wright Focus Five Index constituents, 35% First Trust U.S. large and small capitalization ETFs
- International Equity Securities – 65% Dorsey Wright International Focus Five Index constituents, 35% First Trust international ETFs
- Fixed Income Securities – 65% U.S. investment-grade fixed income ETFs, 35% Dorsey Wright Fixed Income Model constituents
- Commodities – 100% First Trust Global Tactical Commodity Strategy Fund
- The relative strength analysis to determine the top asset class is performed bi-weekly.
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If applicable, the 65% and 35% target model weights for the Domestic Equity, International Equity and Fixed Income asset classes described above will be rebalanced quarterly. If the Commodities asset class is selected as the top scoring asset class, no rebalancing is necessary since the commodities asset class is represented by only a single ETF.
- Additionally, if Domestic Equity, International Equity, or Fixed Income is selected as the top scoring asset class, rebalancing of the underlying ETF components varies depending on the asset class selected.
Ticker | DALI |
Fund Type | Tactical Equity |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Brown Brothers Harriman |
CUSIP | 33738R712 |
ISIN | US33738R7127 |
Intraday NAV | DALIIV |
Fiscal Year-End | 12/31 |
Exchange | Nasdaq |
Inception | 5/14/2018 |
Inception Price | $19.93 |
Inception NAV | $19.93 |
Rebalance Frequency | Quarterly |
Management Fees | 0.30% |
Acquired Fund Fees and Expenses | 0.61% |
Total Annual Expenses | 0.91% |
Closing NAV1 | $22.48 |
Closing Market Price2 | $22.46 |
Bid/Ask Midpoint | $22.48 |
Bid/Ask Discount | 0.02% |
30-Day Median Bid/Ask Spread3 | 0.13% |
Total Net Assets | $66,302,388 |
Outstanding Shares | 2,950,002 |
Daily Volume | 13,025 |
Average 30-Day Daily Volume | 6,799 |
Closing Market Price 52-Week High/Low | $24.54 / $14.50 |
Closing NAV 52-Week High/Low | $24.54 / $14.63 |
Number of Holdings (excluding cash) | 7 |
Holding |
Percent |
First Trust Small Cap Growth AlphaDEX® Fund |
17.44% |
First Trust Large Cap Growth AlphaDEX® Fund |
16.78% |
First Trust Consumer Discretionary AlphaDEX® Fund |
13.81% |
First Trust Industrials/Producer Durables AlphaDEX® Fund |
13.60% |
First Trust Nasdaq Transportation ETF |
13.45% |
First Trust NASDAQ-100-Technology Sector Index Fund |
12.51% |
First Trust Technology AlphaDEX® Fund |
12.43% |
* Excluding cash.
Holdings are subject to change.
Past performance is not indicative of future results.
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2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Days Traded at Premium |
136 |
25 |
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Days Traded at Discount |
117 |
17 |
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Bloomberg Barclays U.S. Aggregate Bond Index - The Index covers the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS. S&P 500 Index - The Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance.
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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